"Overall, it is a sound budget. From an FMCG sector perspective, the widely expected increase in excise duty was not resorted to, which will benefit soaps and diapers. Another good development is reduction in surcharge from 7.5 percent to 5 percent. So as the surcharge comes down, even with the base MAT rate being hiked from 18 to 18.5 percent, it (the effective rate) remains unchanged. In addition, the FM has clearly given a signal of GST coming through soon which will benefit the sector."